Joel Beck

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Copyright 2007-2014

The original works appearing on this page are the intellectual property of Joel Beck and The Beck Law Firm, LLC. Copyright 2007-2014.

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September 2012

September 25, 2012

Most stockbrokers and financial advisers know that they have certain disclosure obligations and must answer questions to disclose certain events on their registration forms such as the Form U4 for registered representatives and the Form ADV for registered investment advisors. Often these forms get reviewed once a year at renewal times, or when there is a triggering event such as a disciplinary action. It is important to keep these forms current so as to avoid enforcement action for failing to disclose material information.

Some brokers and advisers might not remember or be aware of disclosure obligations beyond the U4 and ADV. If you are an insurance agent, you might have disclosure obligations. And if you have a professional designation, you might have more disclosure obligations as well. For example, in Georgia, an insurance agent has to notify the Commissioner of any change to the information included in his or her application, and must do so within 30 days. Also, CFP (R) certificants must report to the Board of any professional suspension or bar within 10 calendar days upon receipt of notification of such action. There are also requirements to report certain criminal convictions as well.

The point is this: Don't just think about the U4 and ADV when considering your disclosure obligations. Review your other licenses, including insurance, as well as the requirements for any professional designations that you hold. Failing to do so could result in unintended consequences.

Attorney Joel Beck helps stockbrokers and financial advisers protect their #1 investment, their careers. If you're a broker or adviser who needs help, contact Joel at 678-344-5342 or visit him online at www.thebeckfirm.com.

September 20, 2012

According to an email sent by FINRA's Chairman and CEO to the execuive representative's of broker-dealer's on September 14th, it look as if FINRA's Board of Governors is seeking to increase and expand the use of the BrokerCheck system. BrokerCheck provides information to investors and other folks about a registered representative's background, including disciplinary history, complaints, arbitrations, lawsuits, and other things. Ketchum reported that the Board of Governors authorized staff to file proposed amendments to FINRA Rule 2267 that would require firms to include a reference to BrokerCheck on their websites, as well as on "certain websites maintained by, or on behalf of, any person associated with a member firm." Another proposal for a rule amendment would also make permanently disclosable certain actions brought by other regulatory agencies that were dismissed pursuant to a settlement agreement.

It does not appear that the rule filing has yet been made and it is not on the regulator's website. When it is, we will be able to read the proposed amendment and the rationale for making the changes. Certainly this change, if adopted, would impact many registered reps. who maintain their own websites (generally those who work for an independent-model firm), and it would certainly impact those brokers with disciplinary and other disclosures that they'd prefer not be more widely distributed.

With an ever-increasing mindset of disclosure, disclosure, disclosure by the regulators, brokers must be aware of the potential consequences of disclosure-related issues when dealing with regulatory investigations, customer complaints, arbitration claims and lawsuits etc., and should seek the advice of competent counsel to help them with these issues while considering the potential impact of future disclosure.

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We help brokers and advisers across the country with their federal securities regulatory matters. To discuss your situation, contact Joel Beck at The Beck Law Firm. (678) 344-5342 or send an email to info @ thebeckfirm.com (Don't send any confidential information until we request it, and understand that the firm does not represent you until a written engagement agreement is signed).